The Radeon HD 5870 is now out in the wild and available for purchase. I'm still unsure if I want to buy it or wait for the 5850 coming out next month. The 5850 is $120 less than the 5870 and the specs aren't that much lower.
On the Nvidia side of things, it's not looking very good. The latest rumors are that they are having incredibly low yields from their chips and as a result have delayed the launch of their DX11 GPUs to the third quarter of 2010. I wonder how this generation will play out if Nvidia's cards don't show up until almost a year after ATI's.
Apparently the news of the Nvidia delay is just FUD. They have officially announced that the 300 series will still debut in December. Read about it here.